Decision details

This decision enables officers to proceed with negotiations with ARK and subsidiary company with regard to the EdCity development to enter into a Contingent Cost Sharing Agreement.

Reasons for Urgency

To enable officers to address key milestones to achieve the project timeline and to demonstrate a firm commitment to ARK.

This report seeks the authority necessary to enter into a contingent cost sharing agreement (CCSA) prior to a future cabinet approval for the disposal of land to ARK and the completion of a master development agreement to enable the Education City development.

To enable Officers to proceed with negotiations with ARK and any subsidiary company with regard to the Education City development to enter into a Contingent Cost Sharing Agreement. Prior to the overall scheme being presented to Cabinet.

The Council has two main options in regards to the cost sharing agreement:

1)            Do no enter into a cost sharing agreement, and cause a delay to the delivery of the project as design development work stops pending resolution of a development agreement

2)            Enter into the cost sharing agreement to enable ARK to continue to fund design works.